The economic recession has impacted American consumer behavior — particularly their credit card, living, spending and saving habits, according to a survey in California by Citibank.
In keeping with the recent uptick in consumer sentiment across the country, Californians too believe the conditions of both their own and the state’s finance will improve in the new year, the survey found.
The survey found that 68% of the 1,480 respondents have cut down on credit card use and, perhaps as a result, found 60% to have cut down their debts over the last one year — despite the difficult economy.
57 percent have postponed the purchase of a major item, such as a car and 55 percent of those aged 18 to 34 have changed living arrangements to save money.
64 percent of the respondents said they are worried about another recession;
The survey also revealed regional differences in how optimistic Californians are about the new year.
Statewide, 66 percent of Californians say their personal financial situation will be better this year, while 73% of those in the Bay Area — the hub of technology companies — believe so.
The proportion of optimists was lower at 61 percent in the showbiz capital of Los Angeles, the survey found.